Prohibition on issue of shares at discount

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Prohibition on issue of shares at discount

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....ions (1) and (2), a company may issue shares at a discount to its creditors when its debt is converted into shares in pursuance of any statutory resolution plan or debt restructuring scheme in accordance with any guidelines or directions or regulations specified by the Reserve Bank of India under the Reserve Bank of India Act, 1934 (2 of 1934) or the Banking (Regulation) Act, 1949 (10 of 1949).] ....

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.... Section 12 of the Companies (Amendment) Act, 2017 w.e.f. 09-02-2018 (Notified vide Notification No. S.O. 630(E) dated 09-02-2018) 3.  Substituted vide Section 9 of the Companies (Amendment) Act, 2019 w.e.f. 02-11-2018 before it was read as, "(3) Where a company contravenes the provisions of this section, the company shall be punishable with fine which shall ....

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Prohibition on issue of shares at discount